Precision Medical Coating Market Size, Share, Growth, and Industry Growth by Type (Hydrophilic Coatings, Antimicrobial Coatings, Antithrombotic Coatings, Drug Delivery Coatings, and Others), By Application (Cardiovascular, Orthopedic Implants, Surgical Instruments, Urology & Gastroenterology, and Others) Regional Forecast To 2028

Updated On: 13 March 2023

REPORT OVERVIEW

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The global precision medical coating market size was USD 424.3 million in 2021 and the market is projected to touch USD 669.4 million by 2028, with a growing CAGR of 6.5 % during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with mosquito repellent bracelets experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Precision medical coating is used on a multitude of devices for multiple applications. The device provides superior durability, high lubricating, and low friction. The procedure is sued to ease the patient’s pain and reduce treatment risks. The product ranges from lubricants to antimicrobial liquids to repellent polymers.

Growing demand for minimally invasive surgical procedures is predicted to surge market growth. Increasing percentage of geriatric pollution is anticipated to fuel market progress. Rising use of home healthcare is projected to drive market growth. High demand to reduce treatment risks is predicted to propel market growth. Increasing prevalence of cardiovascular diseases and growing need to perform complex surgical treatments is anticipated to expand market growth. Growing demand to advance healthcare applications globally is predicted to fuel market performance in the forthcoming years. Rapid development in medical technology is estimated to offer an opportunity for the market expansion. However, High cost and time consuming regulations to hamper market progress in the forthcoming years.

COVID-19 Impact: High Demand to Protect from Viral Infection to Foster Market Growth 

COVID-19 pandemic impacted supply chain disruption of the market. During pandemic, increasing number of coronavirus cases fueled market growth. High demand to protect from viral infection boost market expansion. Growing health awareness fueled market expansion. Growing research and development (R&D) activities during the pandemic and investment by the major players stimulate market expansion.

LATEST TRENDS

"Growing Demand for Minimally Invasive Surgical Procedures to Stimulate Market Progress"

High demand for minimally invasive surgical procedures is anticipated to fuel market growth. Increased demand for low pain treatment and fewer hospital stays is estimated to expand market growth. Growing adoption of the device for cardiac and urinary catheterization procedures is expected to boost market growth. It has a hydrophobic and hydrophilic coating for easy insertion is projected to drive market growth. Further, high demand to reduce tissue damage during narrow vascular areas is anticipated to boost market growth. Growing adoption of advanced healthcare applications is predicted to stimulate market growth in the coming years. Growing use of home healthcare facilities is anticipated to accelerate market growth. High demand to perform complex treatments is predicted to expand precision medical coating market progress.

SEGMENTATION 

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• By Type

Based on type, the market is divided into antimicrobial coatings, hydrophilic coatings, antithrombotic coatings, drug delivery coatings, and others.

Hydrophilic coatings are expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into orthopedic implants, cardiovascular, surgical instruments, urology & gastroenterology, and others.

Cardiovascular is expected to be the leading part of application segmentation.

DRIVING FACTORS

"Complex Design of Medical Devices to Incite Market Expansion "

The scope of the equipment is expected to be high due to its functional properties. Growing effort on the advancements of medical devices used in treatment such as diagnosis, mitigation, abnormal physical condition, and prevention of diseases. Such focus on the medical treatment is projected to drive market growth. Growing technological advancement in medical sector is predicted to propel market growth. Increasing prevalence of cancer, cardiovascular, and arthritis diseases is anticipated to fuel market expansion in the coming years. Growing consumption of lightweight medical devices is predicted to fuel market progress. High demand for the device among professional is anticipated to expand market growth. Rapid development in medical technology is predicted to surge precision medical coating market growth.

"Growing Demand from Medical industry to Stimulate Market Performance"

Increasing aging population and increasing life expectancy is anticipated to accelerate market growth. high demand for medical devices is predicted to fuel market growth. Further, poor lifestyle and limited physical exercise are encouraging multiple diseases. Growing need to reduce chances of infection while treating is anticipated to stimulate market growth. High demand to provide safe environment to hospital staff and patients is predicted to accelerated market growth. Rapid adoption of minimally invasive surgeries and procedures is anticipated to fuel precision medical coating market growth.

RESTRAINING FACTORS

"High Cost and Increasing Raw Material to Thwart Market Development"

High costs associated with the device to hamper market growth. Increasing raw material prices to reduce market expansion. Time consuming regulations to obstruct market progress in the forthcoming years.

REGIONAL INSIGHTS

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"Growing Expenditure of Medical Facilities in North America to Drive Market Share "

North America is predicted to maintain precision medical coating market share due to increasing expenditure on medical facilities and healthcare. Growing demand for minimally invasive surgical procedures is predicted to surge market growth. Increasing percentage of geriatric pollution is anticipated to fuel market progress. Rising use of home healthcare is projected to drive market growth. High demand to reduce treatment risks is predicted to propel market growth. Increasing prevalence of cardiovascular diseases and growing need to perform complex surgical treatment is anticipated to expand market growth.

Europe is projected to witness significant market growth due to increasing prevalence of cancer, vascular diseases, arthritis, cardiovascular diseases, and cerebrovascular conditions. Further, high rate of minimally invasive procedures and surgeries. The instrument is extensively preferred by professional is anticipated to accelerate precision medical coating market growth.

Asia Pacific is expanding market growth due to growing demand for medical devices and tools such as catheters, ventilators, endotracheal tubes, delivery heaths, artificial implants, angioplasty catheters, and others.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• DSM Biomedical (Netherlands)
• Surmodics (U.S.)
• Specialty Coating Systems (SCS)
• Biocoat (U.S.)
• Coatings2Go (U.S.)
• Thermal Spray Technologies (U.S.)
• Hydromer (U.S.)
• Harland Medical Systems (U.S.)
• AST Products (U.S.)
• Precision Coating (U.S.)
• Surface Solutions Group (U.S.)
• ISurTec (U.S.)
• Whitford (U.S.)
• AdvanSource Biomaterials (U.S.) 
• Jiangsu Biosurf Biotech (China)
• jMedtech (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.